Trump Announces Tariff on Nations Purchasing Oil from Venezuela
President Trump has announced a 25% tariff on countries buying oil from Venezuela, effective April 2. This decision follows accusations against Venezuela’s ties to gang activity. India, which recently expressed interest in importing more Venezuelan oil, may face challenges due to this new tariff policy.
On March 24, President Donald Trump announced a significant economic measure wherein any nation purchasing oil from Venezuela will incur a 25% tariff on trade with the United States. This decision, communicated via his Truth Social platform, is set to take effect on April 2.
Trump emphasized the hostile stance of Venezuela towards the United States, stating, “Venezuela has been very hostile to the United States and the Freedoms which we espouse. Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country.” This tariff announcement follows past allegations from the Trump administration regarding Venezuelan activities involving the Tren de Aragua, a gang designated as a terrorist organization by Washington.
In a parallel development, Trump is also expected to announce the postponement of previously planned tariffs on goods such as pharmaceuticals, cars, and lumber, originally intended to take effect on the same date as the oil tariff. This day has been branded by Trump as “Liberation Day.”
Focusing on the implications for India, last year the country imported 1.5% of its crude oil from Venezuela, totaling 22 million barrels. Recently, India’s Minister for Petroleum and Natural Gas, Hardeep Singh Puri, indicated a desire to increase Venezuelan oil imports, stating that previous international constraints on Venezuelan oil availability appear to be easing, allowing for potential future transactions.
President Trump’s announcement of a 25% tariff on nations importing oil from Venezuela underscores the ongoing tension between the United States and Venezuela. The decision, effective April 2, aims to penalize foreign nations while signaling a shift in U.S. trade policy. Meanwhile, India’s interest in increased Venezuelan oil imports may be impacted by these tariffs, reflecting broader geopolitical and economic considerations.
Original Source: www.firstpost.com
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